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SocGen says Rosbank moves to fire CEO Golubkov

May 22, 2013 11:20
PARIS (Reuters) - Societe Generale <SOGN.PA> said on Wednesday that the board of its Russian unit, Rosbank, was moving to dismiss its chief executive, Vladimir Golubkov, who was arrested on bribery charges last week. SocGen also said in a statement released as its annual shareholder meeting began that it had hired accounting firm Deloitte to "perform additional diligence and necessary investigations". (Reporting by Christian Plumb; Editing by James Regan)

Pearson agrees $75 million settlement in U.S. e-books case

May 22, 2013 09:46
LONDON (Reuters) - Pearson's Penguin said on Wednesday it would pay $75 million in damages plus costs and fees as part of an agreement with the United States over alleged price-fixing in the e-book market. Pearson, which will take an extra provision on its accounts this year after setting aside $40 million in 2012, had already reached an agreement with the U.S. Justice Department in the e-book pricing case. The latest deal settles the case with individual states in the country.

Target first-quarter profit down on weather-related sales weakness

May 22, 2013 08:32
(Reuters) - Target Corp <TGT.N> posted a 0.6 percent decline in first-quarter sales at U.S. stores open at least a year on Wednesday after warning investors one month ago that its results would be disappointing as a chilly start to spring kept shoppers from buying seasonal items such as clothing. Target earned $498 million, or 77 cents per share, in the first quarter ended on May 4, compared with a profit of $697 million, or $1.04 per share, a year earlier. (Reporting by Jessica Wohl in Chicago; Editing by Jeffrey Benkoe)

Staples quarterly profit misses analysts' estimates

May 22, 2013 07:32
(Reuters) - Staples Inc <SPLS.O> reported a slightly lower-than-expected quarterly profit on Wednesday, hurt by a stronger dollar and weak sales in Europe and Australia. The largest U.S. office supplies retailer said income from continuing operations fell to $170.4 million, or 26 cents a share, in the first quarter ended on May 4 from $192.9 million, or 28 cents a share, a year earlier. Analysts on average were looking for a profit of 27 cents a share on that basis, according to Thomson Reuters I/B/E/S.

Saks shares rise on report it hired Goldman for strategic options

May 21, 2013 17:16
NEW YORK (Reuters) - Shares of Saks Inc <SKS.N> climbed higher Tuesday after the New York Post reported that the luxury department store chain hired Goldman Sachs <GS.N> to explore strategic alternatives, including a possible sale, citing a source briefed on the matter. Shares were up 18 percent at $16.15 in late trade.

Former IRS chief tells lawmakers "dismayed" by targeting

May 21, 2013 11:46
WASHINGTON (Reuters) - The former head of the Internal Revenue Service told U.S. lawmakers on Tuesday he was "dismayed" to learn that the tax agency had subjected conservative groups to extra scrutiny under his watch. At a congressional hearing, former IRS Commissioner Douglas Shulman said he was unaware in June 2011 about the targeting, and only found out the full scope and severity of the activity when a Treasury Department watchdog published its report.

AutoZone profit beats as long winter leads to more repairs

May 21, 2013 10:02
(Reuters) - AutoZone Inc <AZO.N>, the largest U.S. auto parts retailer, reported a better-than-expected quarterly profit as U.S. customers undertook car repairs after a prolonged winter. The company, which faced weak demand a year ago as a warmer-than-usual winter resulted in less wear and tear to vehicles, said there was a noticeable improvement in its performance, mainly in the U.S. Northeast and Midwest in the final four weeks of the quarter.

Best Buy sees investments squeezing near-term profits

May 21, 2013 08:00
By Dhanya Skariachan (Reuters) - Best Buy Co Inc reported weak quarterly sales on Tuesday and warned that a slew of investments to entice shoppers could squeeze profits in the near term. The news overshadowed its better-than-expected first-quarter profit and sent shares of the world's largest consumer electronics chain down 4 percent in premarket trading.

Blackstone, Pactera insiders make $680 million offer

May 21, 2013 02:45
By Greg Roumeliotis (Reuters) - Pactera Technology International Ltd <PACT.O> said on Monday that Blackstone Group LP <BX.N>, together with the company's management, made a $680.3 million non-binding proposal to take China's largest technology outsourcing firm private. Pactera said it expected its board of directors to form a special committee of independent directors to consider the consortium's offer of $7.50 per share. Pactera shares surged 31.1 percent to $6.90.

Nikkei hits new 5-1/2-year high but pace of gains slow, Bernanke cues eyed

May 21, 2013 02:15
By Ayai Tomisawa TOKYO (Reuters) - Japan's Nikkei share average edged up to a fresh 5-1/2-year high on Tuesday, reversing earlier losses, as retail investors scooped up underperforming stocks such as Sharp Corp <6753.T> and Tokyo Electric Power Co Inc <9501.T>. Trading was choppy, with the Nikkei moving in and out of negative territory before ending up 0.1 percent to 15,381.02 -- the highest closing level since December 2007.
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